Bolivian Issue Makes its Mark

Bolivian Issue Makes its Mark

Andean

Bolivia's nascent capital markets got a taste of the big leagues with the sale of the country's largest and longest-dated local bond in May. Hidroeléctrica Boliviana, a US-controlled power company, issued the 12-year, $65 million bond to finance two hydroelectric power plants in La Paz. But local investors took less than half of the issue and the project's sponsor had to buy the rest. It intends to eventually sell the paper in the secondary market. "The capital markets in Bolivia have matured a great deal in the last couple of years and we saw the opportunity for issuing bonds in the Bolivian market as a cost-efficient and effective source o

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